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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Park Grp. | PKG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 79.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 79.00 | 79.00 |
| Top Posts |
|---|
Posted at 12/10/2018 16:29 by mctmct A couple of institutions have been buying over the last week. They now have 30% between them.PKG is still one of Lord Lee's holdings: Christie Group plc (business & leisure industry services) James Fisher & Sons (marine services) Gooch & Housego plc (acousto-optic/laser manufacturer) Nichols plc (soft drinks supplier) Park Group (cash savings schemes operations) PZ Cussons plc (toiletries/cosmetic Quarto Group Inc (international publishers) FW Thorpe plc (lighting products) Treatt plc (flavour & fragrances) United Drug plc (pharmaceuticals) WMC Retail Partners plc (operations of traditional markets) (interest ceased 10 September 2018) Concurrent Technologies plc (software, e-business solutions) Vianet Group plc (formerly Brulines Ltd) (real-time monitoring systems and data management for leisure) Anpario plc (natural feed additives) Air Partner plc (air charter company) Charles Taylor Consulting plc (insurance services) Lok'n'Store (personal & business storage) Tarsus Group plc (events and exhibitions organiser) Cerillion plc (provides ancillary services to telecoms sector) M P Evans Group plc (palm oil) Titon Holdings plc (ventilation systems and window hardware) Tate & Lyle plc (speciality food ingredients) |
Posted at 08/7/2018 11:20 by poikka Btw, if interest rates rise in August PKG should benefit. |
Posted at 22/9/2016 08:28 by boonkoh Good trading update today in agm statement. Core business growing sales nicely. Profits of course struggling, due to low interest rate environment on the £200m funds it holds.But I note today that the US Feds finally getting around to maybe raising interest rates later this year. Hopefully BoE next year as Brexit recession fears fade and inflation through weaker sterling starts to bite. Meanwhile a good 5%+ dividend that is well covered and also some new products that could spur further growth. |
Posted at 08/4/2016 14:28 by thomasthetank1 Read Edison’s note on Park Group (PKG), out this morning, by visiting www.research-tree.co“Park has issued a trading update ahead of the release of preliminary results for the year just ended (31 March 2016) on 7 June 2016. Trading ahead of Christmas continued the strong trend of prior periods and management says that it expects the FY16 results to be broadly in line with market expectations. It describes the early order indications for FY17 as encouraging, although there are some signs that general macro headwinds have increased. We have very modestly reduced our earnings estimates, which we believe were slightly ahead of consensus…R |
Posted at 02/6/2015 11:58 by sharesoc We are holding one of our popular Investor Masterclasses in Manchester so local investors and shareholders in PKG may be interested in attending as PKG is based nearby our venue... |
Posted at 03/1/2014 09:20 by a1samu 20 December 2013Park Group is a research client of Edison Investment Research Limited, which means that Park authorises Edison to look at its numbers and report them when agreed with management for which Park pay Edison. Anybody can register with Edison and look up the original report on edisongroup.com Long-term investment in digital technology has supported growth in recent years, despite challenged market conditions in the group's main distribution channels (UK small and mid-sized businesses and consumers) and depressed interest earnings on its substantial cash balances. Product innovation continues, with the flexecash prepaid card at the vanguard. Weakness in the demand from one group of customers in the home collected credit sector has caused a set back this year. But general trading conditions, in consumer in particular, seem to be easing and the rating is modest for this cash-generative, debt-free business. We believe the group will proceed cautiously to manage the risk of European expansion. H1 set back masks progress H1 accounts for less than 20% of annual business activity; the usual seasonal loss declined slightly on higher sales (billings up c 8%). Despite the tough UK consumer marketplace, most of the business has performed well and the group has continued invest and innovate for future growth. However, one area of the corporate division, providing cards and vouchers to home collected credit operators (HCC), has turned down; we suspect there is more focus on credit collection than new customer activity. We have reduced forecast sales to HCC significantly, with knock-on effects on earnings estimates (FY14 normalised PBT estimate down 9.5%). However, we see a resumption of growth next year; marketing for Christmas 2014 is underway with positive indications, further flexecash product innovations are anticipated for coming months, and opportunities in Europe may present themselves. flexecash driving growth opportunities flexecash, Park's prepaid card, continues to drive the top line; H1 billings grew by 35%. The card continues to be rolled out, with new features and applications that allow it to reach previously unavailable customers and markets, supported by an increased range of retailers, leisure and other service providers. The group continues to explore opportunities to expand its European distribution, using its experience in Ireland, where flexecash was recently introduced, and the portability of its UK e-money authorisation. Valuation: Attractive with interest rate upside Our DCF valuation of 56p and peer P/E comparison valuation of 55p are similar. The prospective 4.5% dividend yield is also attractive and well supported. Park earns interest on customer cash balances and our earnings estimates would benefit from any increase in interest rates (with 50bp adding c 6% to forecast PBT). Business description Park Group is a financial services business. It is one of the UK's leading multi-retailer voucher and prepaid gift card businesses, focused on the corporate gift and Christmas prepayments markets. Sales are generated through agents, a direct sales force and the internet. Next event Trading update April 2014 Analyst Martyn King +44 (0)20 3077 5745 financials@edisongro Edison profile page Financial services Accounting treatment for billings differs to vouchers The accounting treatment for recognising revenues from prepaid cards is very different from that for vouchers and in our view, as flexecash continues to drive overall growth, billings are the better way to track business progress. Voucher revenue is recorded at the point of sale (not when the voucher is redeemed), generating a gross profit contribution that reflects the size of the retailer discount provided to the group. Prepaid card sales are only recorded in revenues when the pre-paid balances are actually spent, and then at the gross margin level rather than the full face value. Source: Park Group, Edison Investment Research The group reports the (non-statutory accounting) measure of billings as an indicator of customer activity; it represents the face value of voucher sales and the amount of value loaded on to prepaid cards. Exhibit 5 shows how £100 of billings generates very different accounting revenues depending on whether it is a voucher or prepaid card. Assuming all card balances are spent in the same accounting period as the voucher sale, the gross margin contribution is the same (the assumed 7% level is similar to the group average). However, in reality, it is unlikely that all card balances will be spent in the accounting period, deferring gross profit (and a similar amount of revenue); as card balances grow, so too does the deferral. Accumulated, unspent customer card balances are held on balance sheet within the segregated e-Money Trust, a regulatory requirement, and increased by c £2.7m in H1 FY14 to c £8.5m (£5.8m at H1 FY13). We estimate this represents c £0.5-0.6m of deferred gross profit (and revenue). Because voucher revenues and profits are recognised at the point of sale, there is no profit deferral, and a provision is established to cover the amounts that will eventually be claimed by the accepting retailers. The provision recognises that a small percentage of vouchers may never be spent. Valuation There are no directly comparable quoted peers to Park, which makes it difficult to value in a sector context. Our earnings-based approach gives a fair value of 55p and our DCF-based approach suggests 56p. Most competitor employee benefits and service providers are private companies or relatively small parts of larger groups. Management identifies Asperity Employee Benefits and Motivcom as direct competitors to its UK corporate division). Asperity, with more than 700 employer customers, was acquired by Inflexion Private Equity for £25.5m in 2010. Motivcom is AIM quoted (market cap around £40m) and, as well as employee motivation and incentive services, provides marketing communication and events services that account for more than 50% of profits. We also identify Sodexho Motivation Solutions, serving more than 400,000 clients in more than 30 countries, but minority part of Sodexho Group. Edenred is listed on the NYSE Euronext Paris market with a capitalisation of c £4.8bn and describes itself as the world leader in prepaid corporate services, although meal vouchers account for a substantial share of the issued value of services. As well as the differences of scale and focus with Park, it is a more international business operating in 40 countries. Looking at Park's traditional Christmas prepayments business, we perceive a degree of socioeconomic overlap with the customer base of the home collected credit lender, Provident Financial (an important Park customer). However, we would expect a premium rating for Park as it does not have similar credit risk, and we believe it has less regulatory risk. In the context of the peer group valuations and allowing for Park's relatively small market cap, earnings decline in FY14 but attractive yield, we feel a P/E of at least 12.5x calendar 2014 would be fair, or 55p per share. Discounted cash flow Our DCF valuation gives a value of 56p per share. We have adjusted the usual DCF formula (which excludes interest earnings) to include interest earned on segregated customer cash balances (but not on the group cash balance), as this is an integral part of the return and these customer balances have been excluded from the overall valuation. We have grown our FY15 forecasts at 5% for 10 years to FY25, enhanced by a gradual rise in interest rates from current levels to 3% between FY16 and FY17, valued the terminal cash flow at 12x, and discounted by 10%. The terminal value represents 41% of the total. A 1% increase in the assumed discount rate, a reduction in the terminal multiple to 11x, or a 1% reduction in the long-term growth rate reduce the value by c 8%, 4%, or 5% respectively. |
Posted at 05/12/2013 11:53 by poikka Don't put too much weight on the held divi; there's another 8.4m shares to spread it over post the fund-raising.Yes, there were some negatives, but hopefully the full year results will look better. The Corporate side has plenty of competition, but they should be able to at least hold their own. The management seem to be doing the right things IMO. I'm holding. |
Posted at 04/12/2013 09:00 by grahamg8 Bought in on the dip. So far so good. The results weren't that good, but on the other hand they weren't all that bad either. Perhaps the fall was because previous RNS were pretty positive and a better half year outcome was expected, as well as a rise in the dividend. With cash in trust down on last year then the H2 revenues look as if they may be down a bit. But with such a strong seasonality its all a bit of a guess. Relax and enjoy the yield. Wait for an share price recovery, the patient will be rewarded IMO. |
Posted at 11/11/2013 20:28 by topvest Well I've bought a few today. This is a quality company and the shares are quite lowly rated for such a successful and stable business paying a good dividend. The business model is also leveraged towards rising interest rates as their cash pile will then start to generate a substantial return. |
Posted at 18/8/2013 21:47 by poikka Interesting info re Greendot. Maybe Quantum see PKG as a potential target for Greendot, being their way into Europe too. |
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